Solana-Based Clockwork Protocol Announces Shutdown Due to Limited Commercial Upside
Summary:
Solana-based smart contract automation project, Clockwork, will be shutting down its key infrastructure at the end of October due to limited commercial benefits. The team will cease development, turn off nodes, and encourage forking of the open-source code. Clockwork's closure follows the shutdown of other Solana protocols, highlighting challenges in the ecosystem.
Clockwork, the Solana-based smart contract automation project, has announced that it will be shutting down its key infrastructure at the end of October due to limited commercial benefits. Clockwork founder Nick Garfield stated that the team will cease active development of the protocol and will turn off its nodes on devnet and mainnet by October 31. Garfield mentioned that the team's decision was driven by the opportunity cost of continuing Clockwork's development and their growing interest in exploring other opportunities. Despite the closure, Clockwork's code will remain open-source for anyone interested in forking and continuing the work. It is worth noting that Clockwork had raised $4 million in a seed round last August, led by Multicoin Capital and Asymmetric with participation from Solana Ventures. When asked about returning the seed money to investors, Garfield stated that they still have a significant portion of the funds and will take time to decide on the best course of action. Clockwork's closure follows the previous shutdowns of other Solana protocols such as Friktion and Everlend Finance, highlighting the challenging economic conditions for projects in the Solana ecosystem.
Published At
8/29/2023 1:34:31 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.